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Solana breaks into top 15 cryptocurrencies after new ATH

Bank of America

TL;DR Breakdown

  • SOL breaks into top 15 cryptos.
  • SOL big break in NFT space.

The native token of the popular crypto project, Solana, has recorded an unprecedented surge over the weekend. The coin broke to a New All-Time High and also into the top 15 cryptocurrencies by market capitalization as its market cap rose to $13.6 billion.

This is despite the slow weekend and bearish action for many crypto projects. Solana recorded a 20 percent price surge to hit its new ATH at $52.

It is also worthy to note that SOL began the year trading at $1.5. The recent all-time high now means that SOL has seen a 3,100% gain in 2021 alone.

Its surge is unsurprising, having been primed as the crypto project that would outlaw Ethereum.

Solana set to break hard into NFT

Burnt Banksy announced the first decentralized auction protocol recently on Solana during a live stream.

Burnt Finance was launched after Injective Protocol, Alameda Research, Multicoin Capital, and others raised $3 million to build the platform on the Solana ecosystem. According to the announcement, the new platform enables users to mint and trade any asset in a permissionless ecosystem. The platform supports auctions for synthetics, NFTs, digital assets, and much more.

Burnt Finance was incubated by Injective Protocol, who chose the Solana ecosystem for the new initiative due to its high transaction speeds and negligible fees.

Similarly, towards enhancing growth of projects in the Solana ecosystem, five major investment funds, totalling $100 million, have launched. According to reports, the funds were raised by the Huobi exchange, Gate Labs, NGC Ventures, MATH Global Foundation, and HashKey Group. The money will go toward projects developing on Solana within the Chinese region.

A proper breakdown reveals that each platform invested $20 million. Funds from Huobi Global will be used to improve projects building infrastructure-related products within Solana. NGC Ventures’ money will offer mentorships relating to company development, financial management, and hiring.

Meanwhile, Gate Labs’ $20 million will go towards projects that provide access to growth opportunities within new markets, with a particular focus on the Asia-Pacific region. MATH Global Foundation’s contribution will focus on global investments. At the same time, HashKey Group’s money would be used to provide guidance and resources to those projects that are looking to access both retail and institutional markets.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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